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BP Raises $5.6B by Selling Gulf Assets to PXP

BP (BP) unveiled a $5.55 billion deal on Monday to unload a slew of Gulf of Mexico oil-and-gas assets to Plains Exploration & Production (PXP) as the British energy giant continues to divest properties in the region.

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The latest transaction brings the total value of asset sales by BP since the beginning of 2010 to more than $32 billion, helping the company raise money to pay for damages tied to the massive 2010 oil spill in the Gulf.

"This sale, as with previous divestments, is consistent with our strategy of playing to our strengths as a company and positioning us for long-term growth,” BP CEO Bob Dudley said in a statement. “This deal further demonstrates the value we have been able to unlock through the targeted divestment of high-quality assets that sit outside the heart of our strategy.”

The $5.55 billion sale involves a number of Gulf assets, including the Marlin Hub, Horn Mountain Field, a 50% interest in the Holstein Field and a 33.3% working interest in the Diana-Hoover Field.

Collectively, these properties produced an estimated 59,500 barrels of oil equivalent per day as of the end of July.